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14.06.2019 | 14:04
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PR Newswire·Mehr Nachrichten von PR Newswire

New ownership structure will support business strategy and continued growth

CLEVELAND, June 14, 2019 /PRNewswire/ -- Consolidated Precision Products Corp. ("CPP"), a leading manufacturer of highly engineered components and sub-assemblies primarily for the commercial aerospace, defense and industrial gas turbine markets, today announced that it has entered into a recapitalization transaction with Berkshire Partners, a Boston-based investment firm, and Warburg Pincus, the company's current financial partner. Terms of the transaction were not disclosed.

As a leading global manufacturer of complex cast products, CPP continues to drive performance through a combination of organic growth and strategic acquisitions, including the recently announced purchase of ATI's Cast Products business.

"We are excited to continue expanding our suite of complex castings offerings and delivering best-in-class service in collaboration with Berkshire Partners and Warburg Pincus," said James Stewart, Chief Executive Officer of CPP. "Our new relationship with Berkshire Partners and ongoing partnership with Warburg Pincus will enable us to further build upon the success we have achieved. Both firms are growth-oriented and have deep expertise in the aerospace and defense sectors."

The investments from Berkshire Partners and Warburg Pincus will further support CPP's long-term growth strategy and reflect the company's dedication to enhancing its comprehensive capabilities for manufacturing highly engineered components for aerospace and defense applications.

"We are impressed by the remarkable growth driven by the CPP team and believe the company is well-positioned to continue its leadership in precision castings," said Blake Gottesman, Managing Director, Berkshire Partners. "We have a long history of investing in the aerospace industry, and we look forward to partnering with Warburg Pincus and the talented CPP team to support its growth and success," added Mike Ascione, Managing Director, Berkshire Partners.

"We are delighted to continue our long-standing partnership with CPP's management team," said Dan Zamlong, Managing Director, Warburg Pincus. "CPP's long-term commitment to building a market-leading platform in the aerospace and defense markets has proven to be successful. We are excited to partner with Berkshire Partners and the management team as CPP continues to deliver high-quality, mission-critical products for its customers."

Morgan Stanley & Co. LLC and Lazard served as financial advisors to CPP. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to CPP and Warburg Pincus. Weil, Gotshal & Manges LLP served as legal advisor to Berkshire Partners.

About Consolidated Precision Products Corp. (CPP)
Consolidated Precision Products Corp. ("CPP"), headquartered in Cleveland, OH, is a leading manufacturer of highly-engineered castings and sub-assemblies primarily for the commercial aerospace, defense and industrial gas turbine markets. Founded in 1991, CPP is one of the world's largest investment and precision sand casting companies, producing complex super alloy, aluminum, titanium, magnesium and steel castings for a variety of leading commercial and military aircraft, weapon systems, commercial and regional/business jets, helicopters and industrial gas turbines. CPP serves a wide range of global, blue chip customers with diverse exposure across multiple platforms. For more information about CPP, visit www.cppcorp.com.

About Berkshire Partners
Berkshire Partners, a Boston-based investment firm, has raised nine private equity funds with more than $16 billion in aggregate capital and has made over 125 investments since its founding in 1986. Berkshire has developed specific industry experience in a number of areas including business services, communications, consumer products and retail, healthcare and industrials, including aerospace. Berkshire has a strong history of partnering with management teams to grow the companies in which it invests with the goal of consistently achieving superior investment returns. The firm is currently investing from Berkshire Fund IX, a $5.5 billion fund raised in 2016. For additional information, visit www.berkshirepartners.com.

About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $58 billion in private equity assets under management. The firm's active portfolio of more than 180 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. The firm has been an active investor in the aerospace and defense sectors with current and former investments including Accelya, CAMP Systems, Consolidated Precision Products, Extant Aerospace, Quest Global, TransDigm and Wencor Group. Founded in 1966, Warburg Pincus has raised 18 private equity funds, which have invested more than $74 billion in over 860 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com.

Contact
Consolidated Precision Products Corp.
Richard A. Legenza
(216) 453-4830
Rick.legenza@cppcorp.com


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